LONDON (ShareCast) - (Sharecast News) - Spectrometry instrument developer Microsaic Systems has signed non-binding heads of terms with a manufacturing partner, it announced on Monday, to support its heads of terms with a China distributor announced on 4 May, for its micro-engineered mass spectrometry (MS) technology.
The AIM-traded firm said that under the newly-signed heads of terms, production of the point-of-care MS medical device was expected to begin this year in Shanghai, for a hospital diagnostics monitoring system for the Chinese market.

Local production was a prerequisite to secure a medical licence for Microsaic's existing technology.

Microsaic said it was expecting to generate two streams of revenue in 2022, from the initial sale of monitoring systems and the subsequent recurring revenue-share from the supply of reagents and consumables used for point-of-care patient monitoring.

"With the company on track to secure a China medical device licence in 2022, the move to mass production of this Microsaic equipment in China represents a significant opportunity to reduce costs and increase margins for these devices, and demonstrates our commitment to position our point-of-need technology in a broad range of key verticals within the human health diagnostics sector," said chief executive officer Glenn Tracey.

"We are focused on commercialisation of integrated smart artificial intelligence (AI) medical devices, sample-to-result platforms, and equipment and devices with network management software capability.

"We look forward to providing further information on our production and distribution partners on completion of the full agreements."

At 1215 BST, shares in Microsaic Systems were up 7.24% at 0.23p.

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